"02 October 2010" Archive

Direct Tax Code-2010 Proposed Changes in respect of international taxation

Income shall be deemed to accrue in India if it accrues, directly or indirectly through or from transfer of a capital asset situated in India. However, the income from the transfer by a non?resident of any share or interest in a foreign company would not be considered as income, wherein at any time in twelve months preceding the transfer,...

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Posted Under: Income Tax |

Summary of Bombay High Court decision in Vodafone’s case

Vodafone International Holdings B.V. Vs Union of India & Anr. (Bombay High Court)

In this judgement, after hearing the matter, vide its order dated 8 September, 2010 running into 196 pages, the HC has dismissed the writ petition filed by VIH, holding that the proceedings initiated by the Revenue Authorities under section 201 of the Act cannot be held to lack jurisdiction....

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Payments to non-residents would be subject to withholding tax only if the income is chargeable to tax- SC

GE India Technology Centre Private Ltd. Vs Commissioner of Income Tax & Anr. (Supreme Court of India)

Appellant(s) are the distributors of imported prepackaged shrink wrapped standardized software from Microsoft and other Suppliers outside India. During the relevant assessment year(s) appellant(s) made payments to the said software Suppliers which according to the appellant(s) represented the purchase price of the abovementioned software....

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Report of the expert committee on company law

Background 1. The Companies Act 1956 was enacted on the recommendations of the Bhaba Committee set up in 1950 with the object to consolidate the existing corporate laws and to provide a new basis for corporate operation in independent India. With enactment of this legislation in 1956, the Companies Act 1913 was repealed. 2. The […]...

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Posted Under: Income Tax |

On Line Articles Placement Portal for selection of Articled Assistants by CA Firms from 5th October, 2010

The Board of Studies of the Institute has introduced an optional Campus Placement Scheme for selection of Articled Assistants by CA Firms. The Pilot Campus Placement Programme held at Delhi in August 2010 has been a great success with an overwhelming response from both CA Firms and Students. Considering the positive feedback and requests ...

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Posted Under: Income Tax |

Internship Facility on Competition Law and Policy

Competition Commission of India (CCI) provides internship facility on competition law and policy to students pursuing Chartered Accountancy course. The objective of internship is to familiarize interested and willing students about the competition la...

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Posted Under: Income Tax |

Most of the 2G licences issued by Government in 2008 are illegal

Adding a new twist to the 2G spectrum scam, the Comptroller and Auditor General (CAG) has in its latest communication told the department of telecom (DoT) that a vast majority of the 126 licences controversially issued by the government in 2008 are i...

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Posted Under: Income Tax |

Fire insurance claim for CIGAR

Mr. Satodiya Extractor Purchased a box of very rare and expensive cigars then insured them against, among other things, fire. Within a month, having smoked his entire stockpile of these great cigars and without yet having even one month complete Mr. ...

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Posted Under: Income Tax |

Hindu Marriage- Conditions for valid marriage

Ranjan Kumari Singh Vs. Santosh Kumar Singh AIR 2010 Orissa 62

The case of the appellant was that she and respondent Santosh Kumar Singh were coworkers and were known to each other. They fell in love and ultimately the respondent proposed to marry the appellant. The appellant agreed to such proposal and on 21.03...

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Posted Under: Income Tax |

Centre rejects alternative model of Goods and Services Tax (GST)

The Centre has rejected the alternative model of Goods and Services Tax (GST) suggested by the empowered panel of State Finance Ministers and a few BJP-ruled States, which was suggested as a strategy to obviate the need for amendment to the Constitut...

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Posted Under: Income Tax |

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